Investors

Outlook and guidance

The market situation in construction is exceptional. The last time so little was built in Finland was in the 1940s. The market situation is expected to remain weak in 2024. The order backlog of the member companies of the Finnish Association of Manufacturers of Prefabricated Houses, Pientaloteollisuus PTT ry, on 31 December 2002, was 14% lower than a year earlier. Although economic expectations for the industry have risen and there is a strong consensus among PTT member companies that the economic cycle will turn around in the second half of 2024, the market for Ekovilla products should be assessed with caution, as the turnaround in new construction will be reflected in the demand for Ekovilla with a lag.

According to estimates, renovation construction is not expected to rescue the historically weak construction market. In its fall 2023 review, RT ry (Rakennusteollisuus ry) also estimates that renovation construction will decrease by 1.0% in 2024. Active marketing and sales measures can bring about a small increase in renovation.

EcoUp's Technology business aims to commercialize recyclable materials and end products from waste fractions through industrial process, equipment, and chemical methods. The business succeeded in developing the first commercially viable end product in which mineral wool waste dust, produced by a patented technology, is a key raw material. The Cubeco block, designed for ecological urban construction, is in the sales and marketing phase. There are also three other end products in development that the company expects to announce in more detail during 2024. The first commercial end product was an important milestone for the Technology business. Commercially viable end products will enable the sale of the company's WasteX line technology.

The development of the Technology business and the implementation of the commercialization strategy will continue to be actively pursued. As of the date of the financial statements, it is too early to assess the commercial prospects of the products and lines for 2024. The development work to date demonstrates the viability of the technology developed by the company and the commercial potential of the Technology business.

No financial guidance for 2024

Due to the uncertain construction market, the company does not provide financial guidance for 2024.